Hi @robbo24
Nice analysis and I agree with what you are saying too as I did a similar analysis the other day and came to the same conclusion.
Looking at today's buy/sell volume for the 1st time in ages MEIs volume (this is just ASX data) was nearly half/half. For months the volume has been heavily weighted on the sell side so hopefully this is indicating the SP may be bottoming out (although the big drop showing for the DOW US futures at the moment may impact this tomorrow too). I think the market also liked the announcement today.
Further to this, the chart put in a long tailed doji today bouncing off the low of 3.4c and both the RSI and the OBV started to trend upwards for the 1st time in over a month on the daily chart.
Current market depth (I only pay attention to the top 5 lines) also now has a buyers to sellers ratio of 3.4:1 for both quantities and number of buyers vs sellers which is a big turn around and the 1m-2m capper that we have seen in the 3.7c to 4c range seems to have disappeared today (but he has done this before and then come back so will be interesting to see if that happens again as there are definitely some games being played with the SP here at moment). Still waiting to see the 3B for the final 5m options at 1.1c being excerised too, to confirm these are now all gone.
MEI Price at posting:
3.6¢ Sentiment: Hold Disclosure: Held
